AM Best TV & Radio
The Evolution of the Insurance Industry
AMBestTV reports on the annual AM Best Insurance Market Briefing – Europe, held in London, and the 16th Singapore International Reinsurance Conference in Singapore. AM Best also looks at the identity theft insurance market. AMBestRadio includes discussions on aviation and aging infrastructure.
- January 2020
Attendees at AM Best’s Insurance Market Briefing - Europe, held in London, said the ongoing evolution of Lloyd’s, insurance technology and regulatory frameworks are building a culture that’s learning to anticipate and adapt to change. Catherine Thomas, senior director, analytics, AM Best led a thematic session on how London market insurers are responding to changing distribution trends, including broker facilities, the growth of MGAs and broker consolidation.
Hampered by additional catastrophe losses in 2019 and trapped capital in the ILS market, the demand for retrocession insurance may outpace supply, pushing prices higher, SIRC attendees said. Among those who spoke with AMBestTV at the Singapore International Reinsurance Conference was Philippe Dormart, head of underwriting, property/casualty, Partner Re Ltd.
Tom Hoad, head of innovation at Tokio Marine Kiln, said Lloyd’s Production Innovation Facility, which brings together 27 Lloyd’s syndicates, is focused on bringing new products to the market. He spoke with AMBestTV at the AM Best Insurance Market Briefing – Europe, held in London.
While Lloyd’s expects 90% of its business to be digital by the end of 2020, cultural change is the hardest to achieve, said market CEO John Neal at the AM Best Insurance Market Briefing – Europe in London.
Recent natural catastrophe losses in Asia/Pacific have highlighted the challenges of cat modeling, SIRC attendees said. Among those speaking with AMBestTV was Milan Simic, executive vice president, global business development, AIR Worldwide.
Samuel Hanig and Helen Anderson
Identity theft coverage could evolve into standalone personal cyber insurance, said Samuel Hanig, senior industry analyst, and Helen Anderson, associate analyst, both of AM Best.
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Insurers Face Challenges in Aviation, Aging Infrastructure
Industry experts talk with AMBestRadio about trends in aviation insurance and the threat of aging U.S. levees.
James Van Meter, regional head of Aviation Programs & Product Development - North America, Allianz Global Corporate & Specialty, discusses an Allianz 2020 Aviation Risk Report showing that flying is safer than it ever has been, but insurers face other challenges in the aviation market.
The average age of the 28,939 miles of levees in the United States is 50 years, said Louis Gritzo, vice president, FM Global. He testified before Congress in favor of reauthorizing the U.S. Water Resources Development Act, which funds the framework for waterway management in the United States.
Find AMBestRadio at www.ambest.com/ambradio.